Decision makers at manufacturing firms have to process a lot of data and turn it into usable information. Whether you are trying to understand the health of your business, looking to make an investment in the future, or need to understand what products are selling and what your most profitable items are, understanding having the right data at your fingertips is critical to succeed.
But what happens when big data gets too big? What happens when you come to the realization that you can’t track everything? What should you track? Today, we would like to discuss some of the challenges and concerns that manufacturers face in choosing the right metrics to look at and explore strategies to make tracking easier for your people.
The Importance of KPIs
We are in what might be called a golden age of business intelligence and KPIs. While the proliferation of connected sensors and smart devices, commonly referred to as the Industrial Internet of Things (IIoT), provides unprecedented visibility and control, it also multiplies the information overload problem.
In our first blog, we explored the importance of knowing where you are technologically, but today, we would like to turn our attention to another component of the concept—finding the essential KPIs to quantify your position as a business.
When you leverage KPIs, you gain invaluable insight and visibility into your business. However, you do need to know there are different classifications of KPIs, such as historical and predictive. So how can you focus on what matters? Ask yourself if you have an accurate picture of the following:
- Plan vs. actual hours and cost
- Utilization and capacity
- Scheduled production
If you feel ill-prepared to track any of these or would like to learn more about your path to tracking, a new whitepaper from Acumatica has the answers.
Free Whitepaper: Key Performance Indicators That Matter in Manufacturing
It’s not just about tracking data, it’s about tracking the right data. Added to this, as your firm grows, you’ll see new sources of data, bigger pools of data, and trying to combine all of this to see the big picture—especially if you are trying to manage this data using disconnected, manual processes.
At Clients First Business Solutions, we understand the needs and concerns of manufacturers like you and are excited to share a new guide from our friends at Acumatica designed to help you understand what you need to track and how to track it. In this free whitepaper from Acumatica, you will learn:
- What the two main categories of KPIs can tell you about your business.
- Which KPIs matter most for manufacturers.
- The ideal number of KPIs to watch on a daily basis.
- Which technology is essential for monitoring and managing your KPIs.
- How to ensure your KPIs are keeping pace with changes in your business.
Click here to download Key Performance Indicators for Manufacturers.